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| Public Act 103-0427 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Residential Real Property Disclosure Act is | ||||
amended by changing Section 5 as follows:
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(765 ILCS 77/5)
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Sec. 5. Definitions. As used in this Act, unless the | ||||
context otherwise
requires, the
following terms have the | ||||
meaning given in this Section:
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"Residential real property" means real property improved | ||||
with not less
than one nor more than 4 residential dwelling | ||||
units; units in residential
cooperatives; or, condominium | ||||
units, including the limited common elements
allocated to the | ||||
exclusive use thereof that form an integral part of the
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condominium unit. The term includes a manufactured home as | ||||
defined in subdivision (53) of Section 9-102 of the Uniform | ||||
Commercial Code that is real property as defined in the | ||||
Conveyance and Encumbrance of Manufactured Homes as Real | ||||
Property and Severance Act.
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"Seller" means every person or entity who: | ||||
(1) is a beneficiary of an Illinois land trust; or | ||||
(2) has an interest, legal or equitable, in | ||||
residential real property as: | ||||
(i) an owner; | ||
(ii) a beneficiary of a
trust; | ||
(iii) a beneficiary pursuant to testate | ||
disposition, intestate succession, or a transfer on | ||
death instrument; or | ||
(iv) a contract purchaser or lessee of a ground | ||
lease. | ||
"Seller" does not include a party to a transfer that is | ||
exempt under Section 15 or a beneficiary who has both (i) never | ||
occupied the residential real property and (ii) never had | ||
management responsibility for the residential real property.
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"Prospective buyer" means any person or entity negotiating | ||
or offering
to become an owner or lessee of a ground lease of | ||
residential real property by means of a
transfer for value to | ||
which this Act applies. | ||
"Contract" means a written agreement by the seller and | ||
prospective buyer that would, subject to the satisfaction of | ||
any negotiated contingencies, require the prospective buyer to | ||
accept a transfer of the residential real property.
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(Source: P.A. 102-765, eff. 5-13-22.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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